A three-property shopping center portfolio totaling 376,462 square feet in Ocean County, each anchored by ShopRite, has been acquired by a fund managed by DRA Advisors, according to a Wednesday announcement from CBRE.
The portfolio includes Bay Plaza at 860 Fischer Boulevard in Toms River, Jackson Plaza at 260 North County Line Road in Jackson Township, and Lacey Mall at 344 US-9 in Lacey Township. The assets are 94% occupied by a dynamic mix of tenants.
Pasbjerg Development Co., which was founded in 1958, developed and managed the properties.
The CBRE National Retail Partners Mid-Atlantic team of Chris Munley, Colin Behr, Ryan Sciullo, Casey Smith, RJ Mirabile and Michael Pascavis spearheaded the marketing campaign for the portfolio and represented the seller in the negotiations.
“Our team was privileged to work alongside Pasbjerg Development though the disposition process. These assets were meticulously maintained and managed through the many years of successful ownership to the highest standard,” Munley said. “DRA and Soundwater Properties executed the acquisition process flawlessly. They were professional throughout and moved seamlessly from contract to close. Thank you to all parties involved and congratulations on a successful transaction.”
“This portfolio offered investors an opportunity to acquire a best-in-class portfolio anchored by the dominant grocer in the region, ShopRite, doing phenomenal sales. Additionally, at 94% occupancy, average tenant tenure of 25+ years and 80% of the income dedicated to national and credit tenancy, the assets provide exceptionally stable cashflow,” Behr said.
Brett Gottlieb, managing director at DRA Advisors, said, “We are excited to partner with Soundwater on this portfolio acquisition. These well-located grocery centers, anchored by dominant ShopRite stores with an excellent operator, are a great addition to our national retail portfolio.”
Eastman Companies was also integral to the acquisition execution. They will lead property management, accounting and construction functions throughout the portfolio.
“Chris & Colin acted as true advisors to ownership throughout the entirety of the disposition process. They are professionals in the highest sense of the word and without their capabilities and consistent great advice, guidance and recommendations, we doubt the transaction would have been consummated. We have sold many retail properties and shopping centers for others, but one of our best decisions ever was to bring in the Munley, Behr team of CBRE. They exceeded our expectations which most who know us would agree this was a herculean task in of itself,” Steve Nussbaum and Geoff Adler of Pasbjerg Development Co. said in a joint statement.
ShopRite is the top supermarket in the region and the three locations boast more than five million combined visitors. Median family income in the local market trade areas are more than $130,000. The ShopRites in Bay Plaza, Jackson Plaza, and Lacey Mall are all operated by the Saker family, which has been operating grocery stores since 1916 and currently own and operate 39 supermarkets throughout central New Jersey.
Lacey Mall is the largest shopping center in the portfolio, totaling 173,988 sq. ft. on 21.3 acres. In addition to ShopRite, the property also houses national tenants such as T.J. Maxx, Mattress Firm, Firestone, Hand & Stone, UPS, Dollar Tree, Dunkin’, Popeyes, and Verizon Wireless.
Jackson Plaza was constructed in 2002 and the 114,753 sq. ft. shopping center boasts a number of major retail tenants including AT&T, Advance Auto Parts, and McDonald’s.
Built in 1994, Bay Plaza is an 87,721 sq.-ft. shopping center situated on 20.49 acres. In addition to a ShopRite, the property also houses Citizens Bank, the Little Gym, and Manhattan Bagel.
